Following price gains recorded by major highly capitalised stocks especially Dangote Cement, and StanbicIBTC yesterday pushed market capitalisation by N191billion.
Specifically, at the close of trading yesterday, the index rose by 572.72 points or 1.31 per cent to close at 44,306.48 against 43,733.76 on Friday.Also, the market capitalisation, which opened at N15.691trillion, inched N191 billion to close at N15.882trillion.
The price gains contradict predictions by market analysts, who expected the market to nosedive further due to month-end portfolio rebalancing.An analysis of the price movement chart showed that the market growth was driven by Dangote Cement with a gain of 7.90 kobo to close at N268 per share. StanbicIBTC followed with N1 to close at N45, while UACN added 60k to close at N17.60 per share.
Forte Oil grew by 60 kobo to close at N50.00 per share. Eterna Oil increased by 43 kobo to close at N5.89 per share. United Bank for Africa, and WAPCO gained 0.35 kobo to close at N8.10 and N52.35 per share.
Fidelity Bank added 0.34 kobo to close at N3.88 per share. Cadbury appreciated by 0.30 kobo to close at N15.30 per share. African Prudential garnered 0.23 kobo to close at N4.88 per share. United Capital gained 0.21to close at N4.41 per share.
On the other hand, Guinness topped the losers' chart with a loss of 2.00 kobo to close at N110 per share. Nigerian Breweries trailed with 1.80 kobo loss to close at N150.00 per share. Dangote Sugar Refinery shed 1.00 kobo to close at N20.95 per share.Flour Mills was down 50.00 kobo to close at N30.90 per share. Guaranty Trust Bank declined by 30 .00 kobo to close at N48.70 per share.
However, the volume of shares traded dropped by 39.32 per cent with an exchange of 573.35 million shares valued at N5.88billion achieved in 6,756 deals, in contrast with the 944.86 million shares worth N7.13billion transacted in 8,166 deals on Friday.
FCMB Group drove the activity chart, trading 169.12 million shares worth N547.03million.Access Bank followed with an account of 42.53 million shares valued at N553.48 million, while United Bank for Africa traded 39.52 million shares worth N513.68million.Honeywell Flour exchanged 33.66 million shares valued at N91.50million, while Zenith International Bank sold 32.84 million shares worth N1.02billion.